A private company has taken deposits from a member cum director. as per deposits rule, any amount taken from director is exempted.
query- in this the person director as well shareholder. Will it be still considered as exempted deposit? or we have to file dpt3??
In which position he has given deposit is matter?
If he has provided Deposits as Director, then exemption will apply. If he has provided deposits as Member, form has to filed with ROC.
However since Sec 73 & 76 doesn't cover acceptance of Deposits from director & covers only acceptance of deposits from members and public, since director is also a member of company, form has to file with ROC.
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